Well BTC dramatically broke down to 25K but since then has done the same as end of November and formed a large lower wicked candle and BTC has bounced back to 30K area.
And have you noticed so many on TV now think the bottom is in?
Sure the early bird gets the worm but little birdy might also get crushed by a train.
Anyhow, this whole area since December 2020 I think can be seen to be a top, a distribution pattern through the lens of Wyckoff.
And if it is (and it is an "if") then currently BTC has just formed a shakeout reversal (lower wicked candle) through SOW, to form SOW in D.
And if that is correct then it means that after 1.5 years of distribution BTC enters Mark Down for X amount of time.
Whether or not this Wyckoff realisation means that there will be an extended bear market into "Mark Down," or whether that perspective is incorrect and in fact BTC is coming to the end of its correction now I dont know of course, and will need to see more chart.
The parallel channel I've drawn appears to be a flag and I wont clutter the page with EW but as drawn before the ATH collapse down to January low was clearly a 3 wave move. From there is the flag and because this is a longer 4 month correction it is probably a higher degree correction and so there should be symmetry to the downside.
And now we have had 1 impulse down and so there should be a smaller correction followed by another impulsive wave down which as I showed before is a 1:1 - 23K. But considering potential wave 1 has already hit 25K, then it looks like this trend may overextend quite a lot and go sub 20K.
Assuming any of this happens this will take BTC below the 200WMA which everyone "knows" is always BTC bottom and so for that reason there is a good chance a shakeout reversal to the upside will form there. Thats my guess. Another very long lower wicked candle piercing down into 20K area and possibly lower through the 200WMA perhaps lower enough to really freak people out before having a big bounce.
See you @ 20K.
Not advice.
And have you noticed so many on TV now think the bottom is in?
Sure the early bird gets the worm but little birdy might also get crushed by a train.
Anyhow, this whole area since December 2020 I think can be seen to be a top, a distribution pattern through the lens of Wyckoff.
And if it is (and it is an "if") then currently BTC has just formed a shakeout reversal (lower wicked candle) through SOW, to form SOW in D.
And if that is correct then it means that after 1.5 years of distribution BTC enters Mark Down for X amount of time.
Whether or not this Wyckoff realisation means that there will be an extended bear market into "Mark Down," or whether that perspective is incorrect and in fact BTC is coming to the end of its correction now I dont know of course, and will need to see more chart.
The parallel channel I've drawn appears to be a flag and I wont clutter the page with EW but as drawn before the ATH collapse down to January low was clearly a 3 wave move. From there is the flag and because this is a longer 4 month correction it is probably a higher degree correction and so there should be symmetry to the downside.
And now we have had 1 impulse down and so there should be a smaller correction followed by another impulsive wave down which as I showed before is a 1:1 - 23K. But considering potential wave 1 has already hit 25K, then it looks like this trend may overextend quite a lot and go sub 20K.
Assuming any of this happens this will take BTC below the 200WMA which everyone "knows" is always BTC bottom and so for that reason there is a good chance a shakeout reversal to the upside will form there. Thats my guess. Another very long lower wicked candle piercing down into 20K area and possibly lower through the 200WMA perhaps lower enough to really freak people out before having a big bounce.
See you @ 20K.
Not advice.
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Priority trades, round the clock updates and a 1 hour technical video per week 😼.
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